The Top Companies Giving Investors Exposure to CBD-Rich Hemp
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, July 9, 2019 /PRNewswire/ -- With the U.S. Farm Bill, hemp has seen a significant catalyst for growth. In fact, demand for CBD products has exploded, and farmers are rushing to keep pace with supply. "There's a lot of excitement in the farming community because hemp is seen as a high-return crop. There are many farmers around the country who are struggling to make ends meet and they're looking for an alternative like hemp to boost revenue," said Eric Steenstra, president of VoteHemp, as quoted by CBD Magazine. That's opening a wide range of opportunity for companies including MYM Nutraceuticals Inc., (CSE:MYM)(OTCQB:MYMMF), Canopy Growth Corporation (NYSE:CGC)(TSX:WEED), Westleaf Inc. (TSX-V:WL)(OTCQB:WSLFF), Fire & Flower Holdings Corporation (TSX-V:FAF)(OTCPK:FFLWF), and Crop Infrastructure Corp. (CSE:CROP)(OTCPK:CRXPF).
MYM Nutraceuticals Inc. (CSE:MYM)(OTCQB:MYMMF) BREAKING NEWS: MYM Nutraceuticals Inc. just announced that it and partner, BioHemp Naturals Growing & Farming Ltd. completed planting for the 2019 growing season at its CBD-rich hemp project situated on 450-acres in Saskatchewan. 3.32 million CBD-rich hemp seeds have been planted and are now sprouting on the two farms located in Saskatchewan. 50-acres have been set aside for a certified organic crop that is currently being prepped for planting. In addition to tending to the 450-acres of CBD-rich hemp now growing in the fields of Saskatchewan, the project will focus on assembling a state-of-the-art, on-site drying facility capable of quick-drying 6,000 lbs. of CBD-rich hemp biomass per hour. The industrial sized dryers provide a continuous harvesting method that can process field harvested biomass into dry material and ship the same day. This SOP method ensures compliance with all microbial testing required by Health Canada.
"Our partnership with BioHemp has successfully planted 3.32 million seeds at the Saskatchewan project that have now begun to sprout," said Howard Steinberg, CEO of MYM. "The Saskatchewan project is a key component in our strategy to create a massive CBD-rich hemp footprint around the globe with the goal of becoming one of the largest cultivators and bulk CBD isolate suppliers in the world." Based on previous crops grown on the property, MYM's 50% entitlement of the estimated production is 337,500 lbs. of biomass to be converted into 15,154 lbs. of CBD isolate generating estimated gross profit of $31.8 million for MYM by Q1 2020. Further to the announcement dated May 2, 2019, in exchange for 50% of BioHemp Naturals, MYM will pay a total of $2.5 million cash and 6,000,000 common shares of MYM. Final closing will take place this week. For more news for MYM please visit: https://www.financialnewsmedia.com/news-mym/
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